PART 8Penalties
CHAPTER 3Penalties relating to inaccuracies
Penalties under Chapter 3: general
I1190Potential lost revenue: delayed tax
1
Where an inaccuracy resulted in an amount of tax being declared later than it should have been (“the delayed tax”), the potential lost revenue is—
a
5% of the delayed tax for each year of the delay, or
b
a percentage of the delayed tax, for each separate period of delay of less than a year, equating to 5% per year.
2
This section does not apply to a case to which section 189 applies.